Presentation on theme: "1 www.codevasf.gov.br Investment Opportunity in Biodiesel in the Valley of the São Francisco River INTEGRATED SUSTAINABLE BUSINESS PROJECT."— Presentation transcript:
1 www.codevasf.gov.br Investment Opportunity in Biodiesel in the Valley of the São Francisco River INTEGRATED SUSTAINABLE BUSINESS PROJECT
2 www.codevasf.gov.br Project Team PRESIDENT OF THE REPUBLIC MINISTER OF NATIONAL INTEGRATION Luiz Inácio Lula da Silva Geddel Vieira Lima CODEVASF DIRECTORY President: Orlando Cezar da Costa Castro Cabinet Chief: Manoel Geraldo Dayrell Director of the area of Integrated Development and Infra-Structure: Clementino Souza Coelho Executive Secretary: José Eduardo Borella Director of the area of Irrigation Companies Management: Raimundo Deusdará Filho Executive Secretary: Frederico Calazans Machado Director of the Area of Hydrografic Basins Revitalization: Jonas Paulo de Oliveira Neres Executive Secretary: Silas Macedo Executive Manager of Strategic Administration: Alexandre Isaac Freire Executive Secretary of Administrative Management and Logistic Support: João Honório Carvalho Ramos
3 www.codevasf.gov.br Agenda Introduction Business Model Profitability Analysis Irrigation Projects (CODEVASF)
4 www.codevasf.gov.br INTRODUCTION Project Description The project is a governmental initiative, aiming to attract investments to the Valley of the São Francisco River (web page: http://www.fundace.org.br/pins). PENSA Agribusiness Intelligence Center. PENSA researchers are responsible for the business models proposition, economic and marketing analysis and for the interaction with potential investors tailoring the analysis to their particular needs (web page: http://www.pensa.org.br). CODEVASF Development agency associated to the Brazilian Ministry of Integration, which the mission is to develop economically and socially the Valley of the São Francisco and Parnaíba Rivers (web page : http://www.codevasf.gov.br).
5 www.codevasf.gov.br Scenario Considering the B5 scenario, the impact for the arable land n Brazil will be even more relevant depending on the chosen crop, and the production technology. It will create an additional demand of 13.7 million ha for soy, sunflower, cotton, castor and palm trees. CropCurrent area (ha) Increase(ha)Percentage (%) Additional Production (ton) Soya18,534,3003,408,88518.391,363,554 Sunflower43,2003,097,9817171.251,548,990 Cotton739,2004,437,500600.311,331,250 Castor tree128,0002,454,7871917.8098,315 Palm Tree45,000307,667683.70769,167 Total13,706,820 Source: PENSA, based on CONAB, IBGE, FAESP. Obs.: Considered yields : Soya – 0,4 ton/ha; Sunflower – 0,5 ton/ha; Cotton – 0,3 ton/ha; Castor 0,4 ton/ha; Palm– 2,5 ton/ha; This area may be entirely found at the Brazilian northeastern
6 www.codevasf.gov.br Considered Chains for Biodiesel Production in this Project Palm: Brazil is the third largest producer of palm oil, and Para is the state in Brazil with the largest production volume, however it does show some sanitary constraints; Palm oil will have an important role at the biodiesel production: high yields (an average of 31 ton/ha), high amounts of oil per bunch (22.5%) and long agricultural production cycle (average of 30 years); Jatropha: This oleaginous is being studied at several research centers in Brazil, including EMBRAPA and EPAMIG, with the promise of oil supply for biodiesel; It resists very well dry conditions and it has high yields per bunch per hectare (average of 5 tons), high oil content per fruit (38%) and a long production cycle ( average of 30 years);
8 www.codevasf.gov.br EMBRAPA has an extensive work aimed to increase the palm yields in the semi arid climate; Natural high potential for production of high yields seeds for the dry and high luminosity conditions; Fertile land in abundance (concession for 30 years), including the neighboring areas surrounding the irrigation projects; Good financing conditions (Banks: Banco do Nordeste, Banco do Brasil e BNDES); Infra-structure for production disposal (ports and roads) for the internal and external markets; Close to the European and North American markets; Tax incentives for including small holders into the biodiesel chains Perspective of B5 scenario already for 2010. Why investing in Palm production in the Valley of the São Francisco River?
9 www.codevasf.gov.br Business Model Vegetal Oil Oil Extractors Service Constracts Shared Machinery and Implements Anchor Company Food and Chemistry Industry
10 www.codevasf.gov.br Small Holder Vertical Integration Anchor Company Oil Extraction and Biodiesel Production Food Industry Chemical industry Sales in Bunches Production : Refined Palm Oil Palmist Oil Cake Biodiesel for Free Fatty Acid Commercialization Oil Industry Business Model For the agricultural area, the participation will be 30% will be vertically integrated by the anchor company and the other 70% will be occupied by small holders vertically coordinated and contracted with the anchor company.
11 www.codevasf.gov.br... Business Model Opportunity Grower A Grower B Grower n Cooperative SPE (Biodiesel Plant + Crushing facility) A+B+C A B Anchor Other C Cooperative = 20% Anchor Company = 51% Others = 29%
12 www.codevasf.gov.br Business Model Crushing plant Retailer (Gas Stations) INPUTS Payment for the seed bunches (-) minus service and financial expenses (+) plus share of profit Traders Exports External Growers Financing agent Cooperative producers Payment for the seed bunches Distribution channel
13 www.codevasf.gov.br Players Role Definition External ProducersSmall holders cooperativesAnchor company - External growers may sell to the anchor company; -Establish sales contracts; -Anchor company may participate at harvesting. - It consolidates the area of small holders; - It receives for the fruits and pays for the services related to agricultural operations; - Assist the grower with technical assistance; - It manages the input purchases; -It manages the irrigation systems; -It follows the agricultural plan of the anchor company. - It coordinates all agricultural activities; -It receives the right of use regarding the land (CDRU); - It will share the land for the small holders and will select the growers; - It will provide guidance for the cooperative technicians considering ag technical assistance.
14 www.codevasf.gov.br Ag ProductionProcessing PINS – BIODIESEL Palm oil Refinment Assumptions & Summary Machinery and Implements Investment Graphs Biodiesel Plan 1 Hectare "n" Hectar(s) Other Cultures Simulations "n" Ag Cost 100% Own Capital Scenario PALMPALM Logistics and Production 100% Own Capital 50% Own Capital 50% Bank Loan Tax Participation in the Project (%) Assumptions Sensitivity analysis
16 www.codevasf.gov.br Assumptions Data based on EMBRAPA Palm Considerations US$ 1.00 ==>R$ 1.85 Area ("n" há(s)) ==>5,000.00 In Between Crops Crops ======> Area ("n" há(s)) ==>4,500.00 Correction factor for the production area10% Banana Pineapple Manioc MAIN REVENUE SOURCE ==>3 3POTENTIAL REVENUE 1Palm oil; Palmiste; Cake 2Biodiesel (50%); Palm (50%); Palmiste; Cake 3Biodiesel (100%), Palmiste and Cake 4Palma; Palmiste; Cake; Biodiesel available revenue options IMPORTANT Revenue is obtained from the sales of biodiesel and the cake. Minimum Level of Return on Capital ==> 15%
17 www.codevasf.gov.br Assumptions Historical prices 1.10 1.20 Historical Prices US$/TONReviewed Historical Prices (US$) Reviewed Price (R$) FFB9377.5172.05R$/ton CPO 540.00450.00999.0022.50% PK 225.00187.50416.25R$/ton PKO 900.00750.001,665.00R$/ton Cake 63.0052.50116.55R$/ton F Proce 1.20 Biodiesel1.080.902.01Liter Auction 1 0.95 Auction 2 0.9 Auction 3 0.875 Auction 4 0.87 Auction 5 0.925 AVERAGE EXTRACTION FOR REVENUE CALCULATION CPO22.50%FFB PK5.00%FFB PKO39.00%PK Cake54.00%PK Oil for sale (minus Free Fatty Acid)92.50% Free Fatty Acid generated from Gegetal Oil7.50% Biodiesel Desity (KG/L)0.88 Biodiesel production per Free Fatty Acid1.1
18 www.codevasf.gov.br PESSOA FÍSICAPESSOA JURÍDICA Real profitAssumed ProfitReal Profict PINS0.00%0.65% COFINS0.00%3.00% FUNRURAL2.30%2.85% IMPOSTO DE RENDA ==> According to revenue CSLL0.00%1.08%9.00% CPMF0.38% “Pessoa Física” – REAL PROFIT “Pessoa Jurídica” – ASSUMED PROFIT “Pessoa Jurídica” – REAL PROFIT OPTIONS PARAMETERS TAX SYSTEM SELECTION
19 www.codevasf.gov.br Pessoa Jurídica – “Assumed Profit” There is the right to use the Social Stamp Plant area ==>SIM Share of Profit & Losses Agricultural Vertically integrated area 50% Cooperative Area 50% Other 0% Total ==> 100% 1 Processing Anchor Investor100% Growers0% Outhers0% Total ==>100% 0 SOCIAL SEAL TRIBUTOS 1 0 agriculturalprocessing PIS 0.65% COFINS 3.00% ASSUMPTIONS
20 www.codevasf.gov.br Assumptions IRRIGAÇÃO UNITY R$US$ Irrigation Investment R$/ha 5,000 2,702.70 Drains 1,000 540.54 Aditional Investments for renewing Pipes 15 YEARS50,0% 2,500.00 4,625.00 OPERATIONAL COST - WATER1 ha # DAYS 150.00 # HOURS PER DAY (h) 12 Water price K1 R$ / ha / mês R$ 8.0096.0051.89 K2 a R$/ ha/mês R$ 26.0312.00168.65 K2b R$ / m3 R$ 0.05 Evaporationmm / day8.00 Evaporationmm / year1,200 Precipitationmm / year350 Evaporation balancemm / year850 Water need yearlym3 / year 8,500 Water consumption Yearlym3 / year 12,000 Efficience95% 11,400425.00229.73 Water expenses total833.00450.27 Operational Cost 1 ha 0,5 CVKwa/h0.3675 ConsumptionKwa/year661.5 Energy costR$/Kwa0.10645 Energy costR$/há/year 70.42 R$ 38.06 Total energy expenditures R$ 70.4238.06 Equipament maintainance5.00% 250 R$ 135.14 Operational Irrigation Cost (R$/ha) 1,153.42 623.47
21 www.codevasf.gov.br Yield Average Yield without Irrigation (t FFB/ha)21.00 Factor for increasing the yields with Irrigation 1.50 Expected Average Yileds with Irrigation (t FFB/ha)31.50 PREMISSAS BASIC PLANNED YIELDS YearWITHOUT IRRIGWITH IRRIG FFB/tn 100 200 n+0300 n+1400 n+2500 n+3669 n+471218 n+581522.5 n+691827 n+7102131.5 n+8112131.5 n+9122131.5 n+10132131.5 n+11142131.5 n+12152131.5 n+23262131.5 n+24272131.5 n+25282131.5 n+26292030 n+27301928.5 n+28311827 n+29321725.5 AVERAGE => 16.3824.56
28 www.codevasf.gov.br Bunch production (FFB) and Oil Equivalent (in Tons) Source: PENSA 0 50.000 100.000 150.000 200.000 250.000 ANO 1 3 5 7 9 11 ANO 13 ANO 15 ANO 17 ANO 19 ANO 21 ANO 23 ANO 25 ANO 27 ANO 29 Oil Production vs Bunch Production in tons BunchesPalm Oil Years
35 www.codevasf.gov.br Incidence of Logistics Costs Source: PENSA 0% 20% 40% 60% 80% 100% Year 0Year 3Year 6Year 9Year 12Year 15Year 18Year 21Year 24Year 27Year 30 Production Cost X Transportation Costs Transportation CostTotal Production Cost
36 www.codevasf.gov.br Consolidated Results Source: PENSA R$ 80,000,000.00 R$ 100,000,000.00 ANO 0 2 4 6 8 10 ANO 12 ANO 14 ANO 16 ANO 18 ANO 20 ANO 22 ANO 24 ANO 26 ANO 28 ANO 30 Revenue Analysis X Consolidated Costs Transportation CostsGross Revenue Total Production CostsNet Profit Years
37 www.codevasf.gov.br Financial Analysis Source: PENSA PalmAgricultural ActivityProcessingConsolidated Internal Rate of Return (IRR) 6.01%37.08%20.5% Scenario 100% Own Cap NPV: ($22,906.646.47)NPV: $152,776,846.38NPV: $134,489,918.32 Scenario 50% Own Cap NPV: $6,328,356.33NPV: $248,857,463.34NPV: $278,579,378.45 Scenario 100% Loan NPV: $99,608,319.22NPV: $419,911,390.26NPV: $732,290,025.85 Investment R$ 130,121,483.50R$ 76,956,657.05R$ 207,075,140.55 Operational R$ 446,81,564.59R$ 436,730,390.72R$ 903,541,955.31
39 www.codevasf.gov.br Production Cost Comparative Analysis (From 7 th year on) Pará Vale do São Francisco Source: PENSA 473.60 855.00 505.05 544.35 893.55 480.00 1,153.42 R$ - R$ 500 R$ 1,000 R$ 1,500 R$ 2,000 R$ 2,500 R$ 3,000 R$ 3,500 Irrigation Harvest Ag Inputs Crop treats Pará Vale S. Francisco
40 www.codevasf.gov.br Natural Conditions Source: EMBRAPA and PENSA CharacteristicIdealValley of the São Francisco River Temperature25 to 27 o C26.3 o C Precipitation1800 – 2000 mm (Year)400 - 1000 mm (Year) Luminosity5 (daily light hours)7 (daily light hours) Altitude400 m370 m Soil Depth>90 cm90 cm Soil TextureClaySandy Humidity80%65 to 70%
41 www.codevasf.gov.br Tax generation: –Total: R$ 23,484,242.00; –Agricultural Production: R$ 5,624,659.00; –Processing plant: R$ 17,859,583.00; Job Generation: 6 workers/ha (CERU/EMBRAPA CPAA); Agriculture: 9.000 jobs for an area of 1,500 hectares (Anchor Company); For Oil Extraction : 25 direct jobs and 8 indirect jobs (Algoden); For the Biodiesel Plant : 30 direct jobs and 10 indirect jobs (Dedini); Benefits for the Social and Economic Development
42 www.codevasf.gov.br Additional revenues for the Ag input Forms : R$ 2,721,750.00; Additional revenues for transportation firms : R$ 2,161,900.13¹; Diversification of economic activities; –Produced together with pineapple, banana and manioc; ¹ Using Port of Aratu (Salvador, BA). Benefits for the Social and Economical Development
43 www.codevasf.gov.br Sensitivity Analysis Yield (ton fruto/ha) Vegetable Oil Price TIR Yields (ton fruto/ha) Exchange Rate (R$/ US$) IRR 100% own Capital => Biodiesel Price (R$/ton) IRR 100% own Capital =>
45 www.codevasf.gov.br Why Investing in Jatropha in the Valley of the São Francisco River ? EPAMIG has an extensive work aimed to increase the palm yields in the semi arid climate; Natural high potential for production of high yields seeds for the dry and high luminosity conditions; Fertile land in abundance (concession for 30 years), including the neighboring areas surrounding the irrigation projects; Good financing conditions (Banks: Banco do Nordeste, Banco do Brasil e BNDES); Infra structure for production disposal (ports and roads) for the internal and external markets; Close to the European and North American markets; Tax incentives for including small holders into the biodiesel chains; Perspective of B5 scenario for 2010.
46 www.codevasf.gov.br Business Model Vegetal Oil Oil Extractors Service Constracts Shared Machinery and Implements Anchor Company Fod and Chemistry Industry
47 www.codevasf.gov.br Small Holder Vertical Integration Anchor Company Oil Extraction and Biodiesel Production Food Industry Chemical industry Sales in Bunches (jatropha) Production : Vegetable Oil Biodiesel Commercialization Oil Industry Business Model For the agricultural area, the participation will be 50% will be vertically integrated by the anchor company and the other 50% will be occupied by small holders vertically coordinated and contracted with the anchor firm.
48 www.codevasf.gov.br... Business Model Opportunity Grower A Grower B Grower n Cooperative SPE (Biodiesel Plant + Crushing facility) A+B+C A B Anchor Other C Cooperative = 20% Anchor Company = 51% Others = 29%
49 www.codevasf.gov.br Business Model Crushing plant Retailer (Gas Stations) INPUTS Payment for the seed fruits (-) minus service and financial expenses (+) plus share of profit Traders Exports External Growers Financing agent Cooperative producers Payment for fruits Distribution channel
50 www.codevasf.gov.br Players’ Role Definition External ProducersSmall holders cooperativesAnchor company - External growers may sell to the anchor company; -Establish sales contracts; -Anchor company may participate at harvesting. - It consolidates the area of small holders; - It receives for the fruits and pays for the services related to agricultural operations; - Assist the grower with technical assistance; - It manages the input purchases; -It manages the irrigation systems; -It follows the agricultural plan of the anchor company. - It coordinates all agricultural activities; -It receives the right if use regarding the land (CDRU); - It will share the land for the small holders and will select the growers; - It will give some guidance for the cooperative technicians considering ag technical assistance.
51 www.codevasf.gov.br Ag ProductionProcessing PINS – BIODIESEL Jatropha Refinment Assumptions & Summary Machinary and Implements Investment Graphs Biodiesel Plan 1 Hectare "n" Hectare(s) Other Cultures Simulations "n" Ag Cost 100% Own Capital Scenarium JATROPHAJATROPHA Logistics and Production 100% Own Capital 50% Own Capital 50% Bank Loan Tax Participation in the Project (%) Assumptions Sensitivity analysis
52 www.codevasf.gov.br Data from EPAMIG Jatropha US$ 1.00 =>R$ 1.85 Area for Production (há) =>50,000 Yields 5ton/ha Irrigation (Irrigation Factor)1.50 FALSO FINAL YIELD5ton/há OIL CONTENT38%há FRUIT PRICE0.39R$/kg PRICE PER TON R$/ton OIL PRICE1.54R$/kg MEAL PRICE R$/ton BIODIESEL PRICE PER LITER1.84R$/L BIODIESEL DENSITY0.88Kg/L BIODIESEL PRICE PER KILO2.09R$/kg JATROPHA OIL (100%) BIODIESEL PRODUCTION (100%) JATROPHA OIL(50%) AND BIODIESEL PRODUCTION (50%) Revenue options Assumptions
53 www.codevasf.gov.br Historical Prices Biodiesel Historical Prices (US$/litro) 11.10 21.20 F Price1.10US$ Biodiesel 0.990.90 Auction 1 0.95 Auction 2 0.9 Auction 3 0.875 Auction 4 0.87 Auction 5 0.925 Estimation price base of Oil (R$/liter)1.40 Estimation price base of Fruit (R$/KG)0.35 Biodiesel Price Base (R$/litro) 1.67 Assumptions
54 www.codevasf.gov.br IRRIGATION COST Irrigation – Driping Investments Unities R$US$ InvestmentR$/ha 5,000.0 2,702.7 Drains 1,000.0 540.5 Aditional Investment Pipes Renewal 15 years50,0% 2,500.0 1,351.4 Water1 ha # days 150,00 Daily irrigation time (h) 12 Water price K1R$ / ha / month R$ 8,00 96.0 51.9 K2aR$/ ha / month R$ 26,00 312.0 168.6 K2bR$ / m3 R$ 0,050 Evaporationmm / day8,00 Evaporationmm / year1.200 Rainmm / Year350 Evaporation balancemm / year850 Yearly water needm3 / year 8.500 Water supply capacity yearly - 80m3/dia/hám3 / year12,000 Efficiency of 95% 11,400 425,0229,729,729.7 Total Water expenses 833.0 450.3 Operational enery costs1 ha 0.5 CV Kwa/h 0,37 Energy consumptionKwa/year 661,50 Energy cost R$/kwa R$ 0,106 Electricity cost R$/ha/year 70.4 38.1 Total Energy Cost 70.4 38.1 Equipment Maintainance 5,0% 250.0 135.1 Source: Netafim Tarifa Energia R$1,153.4 US$ 62 3.5 Irrigation Cost Assumptions
55 www.codevasf.gov.br YEAR KG/HÁ (non irrigated)TOTAL KG/HÁTOTAL OIL (KG/HÁ) 1250.0025095 21000.001000380 32500.002500950 45000.0050001900 Estabilized Production Plan Assumptions
57 www.codevasf.gov.br Synthesis (after production stabilization) Biodiesel (100%) Production Area (ha(s)) ==>50,000.00 Agriculture Processing FRUITSFRUITS RevenueR$ Total Gross Sales96,250,000.00 Production Costs43,440,000.00 BIODIESEL 100 % RevenueR$ Gross Total Sales (liter oil) 194,625,550.00 Processing Cost37,129,582.00
58 www.codevasf.gov.br Agricultural Cost (after production stabilization) Source: PENSA 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 1 Agricultural cost (R$/ha) after the first year Fungicide Insecticide Fertilizer Treats and harvest
59 www.codevasf.gov.br Agricultural and Processing Production Source: PENSA 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 ANO 0 ANO 2 ANO 4 ANO 6 ANO 8 ANO 10 ANO 12 ANO 14 ANO 16 ANO 18 ANO 20 ANO 22 ANO 24 ANO 26 ANO 28 ANO 30 Oil and Fruit Production (Kg) Oil ProductionFruit Production YEARS
60 www.codevasf.gov.br Agricultural Revenue and Costs $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 Fruit Revenue x Agricultural Costs (R$) Agricultural CostsFruit Revenue YEAR
66 www.codevasf.gov.br Consolidated Analysis Source: PENSA -R$ 50,000,000.00 R$ 0,00 R$ 50,000,000.00 R$ 100,000,000.00 R$ 150,000,000.00 R$ 200,000,000.00 R$ 250,000,000.00 ANO 0 2 4 6 8 10 ANO 12 ANO 14 ANO 16 ANO 18 ANO 20 ANO 22 ANO 24 ANO 26 ANO 28 ANO 30 Gross Sales X Transportation Costs X Net Profit Trabsp CostsGross SalesTotal CostNet profit YEAR 1 - 30
68 www.codevasf.gov.br Natural Conditions Source: EMBRAPA and PENSA CharacteristicIdealValley of the São Francisco River Temperature25 a 30 o C26.3 o C Precipitation350 - 850 mm400 - 1000 mm (Year) Luminosity5 (hours of light per day) 6 (hours of light per day) Altitude200 – 400 m370 m Soil Depth> 80m90 cm Soil TextureMedium Humidity>40%65 a 70%
69 www.codevasf.gov.br Agricultural Production Cost Comparative Analysis Source: PENSA Valley of the São Francisco River X São Paulo Comparative Agricultural Cost (R$/ha) R$ - R$ 200 R$ 400 R$ 600 R$ 800 R$ 1,000 R$ 1,200 R$ 1,400 R$ 1,600 Ano 1Ano 3Ano 5Ano 7Ano 9 Ano 11Ano 13Ano 15Ano 17Ano 19Ano 21Ano 23Ano 25Ano 27Ano 29 São Paulo Valley of the São Francisco River
70 www.codevasf.gov.br Source: PENSA São Paulo Implementation Year – Year 1 Agricultural Production Cost Comparative Analysis
71 www.codevasf.gov.br Source: PENSA São Paulo Year 2 – First Production Year 369.05 659.50 397.40 320.00 65.95 50.00 R$ - R$ 200 R$ 400 R$ 600 R$ 800 R$ 1,000 R$ 1,200 Admin Expen. Ag inputs Operations São Paulo São Francisco Agricultural Production Cost Comparative Analysis
72 www.codevasf.gov.br Tax Generatation: –Total: R$ 51,299,090.00; –Produção Agrícola: R$ 16,974,775; –Produção Industrial: R$ 34,324,315; Job Generation: 0,8 employees/há (direct),(based on interviews); Agricultural : 20 thousand jobs for na area os 25,000 hectars (Vertically integrated areas); Vegetal Oil Extractor: 25 direct jobs and 8 indirect (Algoden); Biodiesel Plant : 30 direct jobs and 10 inderect (Dedini); Benefits for the Social and Economic Development
73 www.codevasf.gov.br Additional Revenues for Agricultural Input Firms: R$ 16,000,000.00; Additional Revenues for Transportation Firms : R$ 4,375,700.00¹; Economic diversification; ¹ using the Port of Aratu (Salvador, Bahia State). Benefits for the Social and Economic Development
75 www.codevasf.gov.br CODEVASF Director of the area of Integrated Development and Infra-Structure Clementino de Souza Coelho Board Assistant of the area of Integrated Development and Infra-Structure Alvane Ribeiro Soares First Secretary of the area of Integrated Development and Infra-Structure Guilherme Almeida Gonçalves de Oliveira PENSA Coordinator: Prof. Dr. Marcos Fava Neves Executive Manager of the Project: Luciano Thomé e Castro Executive Manager of the Project : Ricardo Messias Rossi Executive Assistant of the Project: Vinicius Mazza da Silva Executive Assistant of the Project : Marina Darahem Mafud Technical Team Responsible Researcher: Marco Antônio Conejero Assistant Researcher: José Carlos de Lima Junior Contributor: César Augusto Mendonça Zambrano e Eduardo José Sia Translation: Central de Traduções
76 www.codevasf.gov.br For further Information: E-mail: email@example.com@fundace.org.br Mail Address: Av. Pres. Vargas, 2001- Conj. 143/144, Jardim América Ribeirão Preto - SP - CEP: 14.020-260 Tel.: +55 (16) 3911 6088 Responsible Team
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